Guideline Value for Bhavani Nagar Extension

Bhavani Nagar Extension guideline value

The current guideline value of Bhavani Nagar Extension is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Melamaiyur village and falls under the Chengleput Joint I SRO. The land classification for this area is Mixed Type - II.

How the guideline value of Bhavani Nagar Extension has changed

The guideline value for Bhavani Nagar Extension has seen several revisions over the years. The 2007 revision set the value at Rs 333 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 200% rise. However, between 2012 and 2017, the value decreased to Rs 670 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 1,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 1,100 per sq.ft, a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 230%. There are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that have a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, placing Bhavani Nagar Extension's current guideline value below that median.

• Bhavani Nagar: Rs 1,100 per sq.ft (2024)
• Brindavan Nagar: Rs 1,650 per sq.ft (2024)
• Arutperum Jyothi Nagar: Rs 825 per sq.ft (2024)
• ANNAI PADMAVATHY NAGAR Phase -I,II,III,IV&Extension: Rs 1,212 per sq.ft (2024)
• Andal Nagar: Rs 1,212 per sq.ft (2024)
• Ammaiyappar Nagar: Rs 1,322 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar Extension

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhavani Nagar Extension?

The Sub Registrar Office that covers Bhavani Nagar Extension is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Melamaiyur

The guideline value is a crucial factor in the registration process when buying or selling property in Melamaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that both parties adhere to the legal requirements set by the state.

When a property is registered, the guideline value is compared with the sale price to determine the applicable duties. The higher amount between the two is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bhavani Nagar Extension?

The current guideline value of Bhavani Nagar Extension is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 333 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 230%.

What is the median guideline value for streets in Melamaiyur?

The median guideline value for streets in Melamaiyur is Rs 1,212 per sq.ft, which is above the current value of Bhavani Nagar Extension.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 and a registration fee of Rs 22,000.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Chengleput Joint I Sub Registrar Office at 10, Kancheepuram Main Road, Chengalpattu 603 002, or by using the online tool to find your SRO.